It was just over a year ago that Panasonic first began showing interest in purchasing a controlling stake in its smaller rival Sanyo Electric, and while it may have taken 13 months to pull the trigger, Panasonic proved to be anything but gun shy this week in a deal worth $4.6 billion.
That's how much Panasonic said it will pay to buy a 50.2 percent stake in Sanyo after closing its five-week tender offer that began on November 5. Panasonic, which is the world's largest plasma TV maker, will pay 131 yen, or about $1.48 USD, per Sanyo share.
The deal is considered a win for both sides. For Panasonic, it will now be able to draw upon Sanyo's technical prowess in solar panels and rechargeable batteries. And for Sanyo, the takeover comes at a time when the company has been struggling financially.
Panasonic said it will most likely retain the Sanyo brand and keep its shares listed on the Tokyo Stock Exchange, BusinessWeek reports.
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